ZCash (ZEC) has been one of the biggest gainers of the last 24 hours, rising 8.17% with a 43% increase in daily trading volume.
The gains come after ZCash Open Development Lab (ZODL) announced it has secured over $25 million in seed funding to continue building out the privacy-focused ecosystem.
The funding round received support from Paradigm, a16z crypto, Winklevoss Capital, Coinbase Ventures, among other leading angels in the crypto and technology space.
ZODL was founded by Josh Swihart, former CEO of the Electronic Coin Company. ECC’s engineering and product teams left ZCash in January following a management dispute over Bootstrap.
“This conflict made it difficult to work.”effectively and honestly“There was Swihart in question. After joining ZODL, the team continued to create the primary user interface for ZCash.
The Zodl wallet was one of the team’s focuses. The self-custodial mobile wallet application allows users to hold ZEC and perform protected transactions. According to the project, the wallet expanded ZCash’s sandbox by: more than 400% Since its launch in 2024 (then called Zashi).
Funding news sends ZCash higher
Coinalyze statistics showed that: ZEC Open Position It increased by 9 percent in 24 hours. This confirmed the increase in spot trading volume, showing that speculators and spot buyers are interested in ZCash.
The news release catalyzed the privacy token’s short-term price gains, but the pullback phase is far from over in the long-term outlook.
Source: ZEC/USDT on TradingView
The higher time frame trend was bullish and the pullback from $750 to $187, although it seemed extreme, was part of the higher time frame pullback. However, this is true for investors with a multi-year horizon.
For swing traders and short-term investors, ZCash For now, it has continued its downward trend. The triggers of the bullish recovery have not yet set in motion.
What is this trigger and how should investors prepare?
Source: ZEC/USDT on TradingView
The oscillatory structure of the H4 time frame continued the downtrend after the recent low at $203.5 (orange) was surpassed.
The $251.4 high needs to be regained to reverse the swing structure to the upside.
This was also where the $250 bearish order block was located. Although prices increased by almost 10% in one day, the large load of the supply area was a threat in the short term.
Buyers can wait for this area to become in demand before purchasing.
Their patience will be rewarded with a much stronger uptrend than what is currently seen.
Final Summary
- News of the $25 million ZCash Open Development Lab seed funding caused ZEC prices to rise nearly 10% on the day.
- Multiple time frame analysis gave different signals to ZEC traders and investors. The $250 and $187 levels were the most important levels nearby.
Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
